If you have questions or need assistance with your application contact us at Accelerator@corkbic.com

Applications for the 3rd Cohort CLOSE on 31st of May 2019

This World Class International Secuity Accelerator is a 3 month Intensive Accelerator that will invest in early stage disruptive companies, in the areas of Cybersecurity, Internet of Things (IOT), Blockchain, AI, Health & Bioinformatics, Defence, Critical Infrastructure, Financial Services & Logistics.

We are looking for early stage Entrepreneurs who are using innovative technologies that solve real problems in Health & Bioinformatics, Cybersecurity and Internet of Things and Critical Infrastructure.

The Primary focus of the Accelerator will be on Building Capability in participants and enabling them to Scale their company by:

• Building a performing team for growth
• Business Development
• Driving Sales & Accessing International Markets
• Raising External Finance

We are looking for in early stage companies developing products & services in the wider security Industry including, Cybersecurity, Internet of Things (IOT), Blockchain, AI, Health & Bioinformatics, Defence, Critical Infrastructure, Financial Services & Logistics

You should have a detailed business plan available and your product/service needs to be more advanced than an idea.

• Applications are being taken on this wesite CLICK HERE
• Applications will CLOSE in May 2019
• All Applicants will be notified within 2 weeks of the Application close date
• Shortlisted Applications will be interviewed either in person or via conference call (preferably including video)
• All participants will be contacted whether they are successful or not
• The 3rd Accelerator progamme will start in September 2019 in Cork

Up to 7 companies will be accepted onto the Accelerator

5 key selection criteria;

• Team
• Technology
• Business Model & Market opportunity
• Stage of Development – early traction?
• Commitment to relocate to Cork and build a global business

• €50,000 Investment, comprising of:
  • €20k Cash
  • €10k Company Specific Investor Grade Business Planning & Advisory service
  • €20k Office space
  • Dedicated mentors & coaches
  • Access to the Entrepreneur Experience®
  • Investor Demo Days and Our International Investor Network
• The €50,000 Investment is by way of a Convertible Loan Note
• Office Space for up to 9 months in purpose built Accelerator space in Cork City Centre 
• 13 Weeks of Intensive tailor-made acceleration by those who have built successful businesses and gained exits
• Access to 400+ experienced international mentors who have started or successfully invested in startup businesses
• Access to CorkBIC Extensive International Investor Network – International Business Angels, Angel Syndicates, HBAN, EBAN
• Invitation to the Entrepreneur Experience® (if you make the grade) and membership of the Alumnae Club
• Cork City Council networks in Shanghai & San Francisco
• Support from Key Industry Partners like Trend Micro
• Support, through CorkBIC, to Funding partners – Kernel Capital, Bank of Ireland, Enterprise Ireland
• Investor Demo Day and other investor introductions
• Member of GAN (Global Accelerator Network) - Access to GAN resources with up to $100k of free benefits 

• €50,000 Investment, comprising of:
• €20k Cash
• €10k Company Specific Investor Grade Business Planning & Advisory service
• €20k Office space
• Dedicated mentors & coaches
• Access to the Entrepreneur Experience®
• Investor Demo Days and Our International Investor Network
• The €50,000 investment is by way of a Convertible Loan Note

The International Security Accelerator invests €50,000 by way of a Convertible Loan Note

Yes

No, not necessarily but you will be required to set up an Irish registered company which will be facilitated by CorkBIC.

Office Space is provided for up to 9 months in a purpose built Accelerator space in Cork City Centre. Approximately 2,500 sq ft of fitted out co-working space is being provided on Eglington St, Cork.  The space has its own door access onto Eglington St opposite the Elysian complex and is open from 8am to 8pm.  Parking is next door and it is 5 minutes from bus, rail and 10 minutes from the International Airport. Coffee shops, restaurants, hotels and theatre on your doorstep.

CorkBIC are a public private-sector led organisation, specifically set up to identify and build knowledge intensive companies based on promising technology and capable innovative people. CorkBIC plays a hands-on role helping entrepreneurs and startups navigate the minefield of raising finance, sorting out business propositions, arranging agreements with shareholders and investors, and, perhaps most important of all, finding customers. Click here to find out more about CorkBIC 

The Accelerator space is available for participants for up to nine months. CorkBIC will continue to play a hands-on role assisting participants to navigate the minefield of raising finance, sorting out business propositions, arranging agreements with shareholders and investors, and, perhaps most important of all, finding customers. CorkBIC works with many scaling companies in particular those who are looking to grow, expand, internationalise and scale their business. We work closely with Enterprise Ireland to assist these scaling companies get HPSU funding as well as other financing which will enable them to grow rapidly.

Yes, where possible

No we will only accept teams (a minimum of 2 people) onto the Accelerator. As part of the Accelerator programme you will get:

• €50,000 Investment (€20k Cash, Office space, dedicated mentors & coaches, Demo Day etc.)
• The €50,000 investment is by way of a Convertible Loan Note
• Office Space for 9 months in purpose built Accelerator space in Cork City Centre – 5 minutes from bus, rail and 10 minutes from International Airport. Coffee shops, restaurants, hotels and theatre on your doorstep
• 13 Weeks of Intensive tailor-made acceleration by those who have built successful businesses and gained exits
• Each Company will participate in a Founders Fund - creating a community of business founders who will be encouraged to work together to support each other, share ideas, explore and exploit synergies and ultimately to share in each others good fortune. 
• Access to 400+ experienced international mentors who have started or successfully invested in startup businesses

There is plenty of accommodation available in Cork, particularly close to the city centre and we can point you in the direction of local agencies who can assist you.

Convertible Loan Note Scenarios

NB: This summary document is intended to provide guidance only and does not constitute a legally
binding agreement.

The key terms of the International Security Accelerator (ISA) Convertible Loan Note (CLN) are as follows:

• The value of the CLN is €50,000 reflecting the investment package made by the ISA
• The interest on the CLN is 8% per annum
• The CLN will convert to ordinary shares in your business in the event of an approved funding
• round
• The CLN will convert at a discount of 20% on the qualified fundraising valuation
• The cap on the pre-money valuation for conversion is set at €1.875m

Example 1: Company raises €2,000,000 at a €10,000,000 pre-money valuation

• ISA converts at a 20% discount to the Qualified Fundraising valuation, i.e. €8,000,000
• €8,000,000 is greater than the cap of €1,875,000 so ISA converts at the cap valuation instead
• ISA gets 2.6% of the company (i.e. 50,000/(1,875,000+50,000))

Example 2: Company raises €500,000 at a €1,800,000 pre-money valuation

• ISA converts at a 20% discount to the Qualified Fundraising valuation, i.e. €1,440,000
• €1,440,000 is below the cap so ISA converts at the discounted market valuation
• ISA gets 3.36% of the company (i.e. 50,000/(1,440,000+50,000))

Example 3: Company raises €250,000 at a €575,000 pre-money valuation

• ISA converts at a 20% discount to the Qualified Fundraising valuation, i.e. €460,000
• ISA gets 9.8% of the company (i.e. 50,000/(460,000+50,000))

The ISA Tech Expert Group is available throughout the ISA programme to work directly and in depth with the participating technical teams. The group is carefully selected and made up of tech experts that have developed technology led companies to scale internationally. The group members are the unique blend of highly skilled technologists with a clear understanding of how to commercialise technology and the track record of having built technology companies several times. The ISA tech experts will ensure that your tech team are developing a system architecture that supports scale, products that fit the market and support services that deliver lifelong customers, by working one to one with the participating CTO/CEO team.